| Which among the following statements is/are true with regards to WTO membership? |
| 1. All WTO members automatically receive the 'most favourable nation' status. |
| 2. Over 75% of WTO members are from developing countries, and the membership allows them access to develop markets at lower tariff. |
| Which of the statements given above is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: B
Solution :
Most Favoured Nation is a level of status given to one country by another and enforced by the World Trade Organization. A country grants this clause to another nation if it is interested in increasing trade with that country. Countries achieving most favoured nation status are given specific trade advantages such as reduced tariffs on imported goods. Special consideration is given to countries that are classified as "developing" by the World Trade Organization
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